Q1 26 EPS
$N/A
Q1 26 Revenue
N/A
vs S&P Since Q1 26
-0.4%
TRAILING MARKET
ESS +6.0% vs S&P +6.4%
Market Reaction
Did ESS Beat Earnings? Q1 2026 Results
Essex Property Trust delivered a mixed fourth quarter for 2025, beating revenue expectations while falling short on earnings per share. The West Coast apartment REIT posted revenue of $479.63 million, ahead of the $470.35 million consensus by 1.97% a… Read more Essex Property Trust delivered a mixed fourth quarter for 2025, beating revenue expectations while falling short on earnings per share. The West Coast apartment REIT posted revenue of $479.63 million, ahead of the $470.35 million consensus by 1.97% and up 5.5% year-over-year, but GAAP EPS of $1.25 trailed the $1.45 estimate by 13.79%, a gap driven largely by the absence of prior-year gains on real estate sales and co-investment remeasurements that had inflated the year-ago comparison. Underneath the headline miss, operating fundamentals held firm, with Core FFO per diluted share rising 1.5% year-over-year to $3.98 and financial occupancy improving to 96.3%. Northern California remained the standout region, with San Mateo County delivering 6.2% same-property revenue growth in the quarter. Looking ahead, Essex guided 2026 Core FFO per diluted share to a midpoint of $15.94, though structured finance headwinds tempered the outlook; Stifel responded by trimming its price target to $278 while maintaining a Hold rating on the stock.
Key Takeaways
- • Same-property revenue growth of 3.8% year-over-year in Q4 2025
- • Same-property NOI growth of 3.8% year-over-year in Q4 2025
- • Financial occupancy improvement to 96.3% from 95.9% year-over-year
- • Delinquency as percentage of scheduled rent improved to 0.5% from 1.3% in Q4 2024
- • Core FFO per diluted share grew 1.5% year-over-year in Q4 and 2.2% for full year
- • San Mateo County same-property revenue growth of 6.2% and Santa Clara County of 5.2% in Q4
- • Northern California led with 4.2% same-property revenue growth in Q4
ESS Forward Guidance & Outlook
For full-year 2026, Essex guided Net Income per diluted share of $5.55 to $6.05 (midpoint $5.80), Total FFO per diluted share of $15.54 to $16.04 (midpoint $15.79), and Core FFO per diluted share of $15.69 to $16.19 (midpoint $15.94). Q1 2026 Core FFO is guided at $3.89 to $4.01 (midpoint $3.95). Same-property revenue growth is expected at 2.25% to 3.25% (cash basis), with same-property NOI growth of 0.8% to 3.4%. Key assumptions include $175 million in structured finance maturities, approximately $80 million in development funding with no new development starts, and revenue-generating capital expenditures of approximately $100 million at pro rata share. Management expects a muted U.S. labor market with the West Coast modestly outperforming driven by technology sector growth, and similar blended rate growth to 2025 at a 2.5% midpoint, with lower supply in 2026 offsetting soft job growth.
ESS YoY Financials
Q1 2026 vs Q1 2025, source: SEC Filings
ESS Revenue by Segment
With YoY comparisons, source: SEC Filings
ESS Revenue by Geography
With YoY comparisons, source: SEC Filings
ESS Earnings Trends
ESS vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
ESS EPS Trend
Earnings per share: estimate vs actual
ESS Revenue Trend
Quarterly revenue: estimate vs actual
ESS Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 | — | — | — | — | — |
| Q4 25 MISS FY | $1.45 | $1.25 | -13.79% | $479.6M | +1.97% |
| FY Full Year | $5.81 | $10.40 | +79.14% | $1.89B | +0.49% |
| Q3 25 BEAT | $1.82 | $2.56 | +40.66% | $473.3M | +0.03% |
| Q2 25 BEAT | $1.42 | $3.44 | +142.25% | $469.8M | +0.77% |
| Q1 25 BEAT | $1.41 | $3.16 | +124.64% | $464.6M | +1.34% |